- 3 years ago
- Wedding: May 2014
Hello, ladies! Long time, no write!
I hope every one of you on here is having a wonderful time in planning wedding, with as minimal stress as possible! (I may write a recap of my two years’ worth of wedding planning stress and what I’ve learned at a later time.) And those ‘Bees just married such as myself, congratulations to you all! I wish all the happiness in the world! 🙂
Now, onto the subject of my post: I was recently married on May 31, 2014. I have minimal student loan debt of roughly $6,000, give or take. While that isn’t a heck of a lot compared to *MOST* student loan debt, keep in mind that sometimes debt is all relative to other bills and income. In February during a snowstorm, I slid into a utility pole and my car was determined a total loss. While insurance paid out the claim and didn’t up my rates due to having an accident, I STILL had to purchase a new vehicle which was something I wasn’t prepared for, as the one that got wrecked was nearly paid off. I also had to have an emergency root canal and crown back in March the following month, which, because my dental insurance benefits had maxed-out for the year, I had to put on CareCredit to the tune of $2,000! We also had to fund a lot of the wedding on our own, (I.E, flowers, wedding cake, incidentals such as gifts for our wedding party,etc.) and since getting married, we’ve also had to put some home improvement-related tools on credit cards. Our bed, also, was 20 years old with a broken frame, springs popped out of the mattress, UGH–so a new bed had to be bought also. We socked away as much as the money we could from the wedding gifts, and used some of it to help out in beginning our married life. But alas, the bills still started rolling in, and now I’m beginning to realize that I may have to make some hard choices about paying my bills while not letting my excellent credit score tank.
I’ve contacted the FedLoan servicing department about my options, and they sent me some paperwork to fill out and either fax or mail in about Income Based, Income Sensitive, and Income Contingent plans. I’ve Googled all over the place, but am still having trouble deciphering the minute differences and which one would best suit my present needs. My husband and I are filing separately, as he has a lot of debt that garnishes his federal income tax refund every year which he is working on figuring out. Do any of you ladies have any experience with these repayment plans? Any help would be greatly appreciated!